EPFO : Employees Provident Fund Organization (EPFO) has good news for those withdrawing money from PF. EPFO has started Auto Mode Settlement. More than 6 crore PF members will benefit from this. Through this facility, money will come to your bank account within 3 days. This emergency service of EPFO is applicable only for essential purposes like treatment of illness, education, marriage and buying a house etc. Apart from this, you can also withdraw money from EPF for illness, education, marriage and buying a house. Along with this, now subscribers can also withdraw advance funds for the marriage of sister or brother.
Not only this, the limit of advance fund from EPFO account has also been increased from Rs 50,000 to Rs 1 lakh. Advance withdrawal will be done through auto settlement mode computer. There will be no need for approval from anyone. After applying, the money comes to your account within three days. How to apply, know the process.
You will get Rs 1 lakh in just 3 days
The process of settlement through auto mode was started in the year 2020 itself during Covid. But then money could be withdrawn only during times of illness. But now money can be withdrawn for education, marriage and buying a house also. In case of marriage, advance funds can also be withdrawn for the marriage of sister or brother. EPFO has also increased the amount of claim settlement through auto mode from Rs 50,000 to Rs 1 lakh. However, some conditions have also been set for withdrawing advance funds. Know these also.